Losses in Chicago soybean futures were reflected, and some, in both Paris rapeseed futures and ICE canola futures at Winnipeg. Paris shed E12.50 per tonne on the nearby contract, Winnipeg C15.50. When converting these losses to AUD / tonne and taking daily variances in cross currency rates into account they equate to -AUD$24.98 and -AUD$18.60, respectfully. This will weigh over the old and new crop canola markets here today.
There are two thing forcing the soybean market lower, thus weighing on rapeseed and canola at the moment. The foremost is the huge S.American soybean crop which has just started to be harvested in Brazil. The second is the weather in the USA. It’s very early in the year to start talking about US weather but the winter has left the soils with plenty of moisture to be used in spring across the soybean and corn belt of the USA.
It is still worth mentioning that there are some dry spot in the USA though. Minnesota, western Kansas, western Nebraska and much of the Dakota’s remain drier than desired. The NE spring wheat region of Minnesota and eastern N.Dakota the main regions to watch as spring unfolds.

A quick look around the world thanks to World Ag Weather.com reveals that most of Europe is having a wetter than average winter in the east and slightly drier across the south of France and parts of Italy but generally conditions there are fine.
The Black Sea states of Romania and Ukraine are both seeing above average winter rainfall. Bulgaria is seeing about average to a little drier than average and Russia, the world largest exporter of wheat. Is looking at a pretty good season to date. Winter rainfall in Russia is seen at generally 10% – 50% more than average. Kazakhstan is mostly dry apart from the region that grows their spring wheat, that’s lucky.
China remains wetter than average too, the south central provinces seeing 14 day precipitation up to 600% above average, a common theme in China.